Syntroleum Corporation Provides Update on Strategic Alternatives Process
26 Julho 2013 - 1:16PM
In response to media and investor inquiries, Syntroleum Corporation
(Nasdaq:SYNM) today provided an update on its ongoing strategic
alternatives process.
On July 17, 2013, Syntroleum announced that its Board of
Directors has retained Piper Jaffray & Co. for the purpose of
evaluating strategic alternatives to enhance shareholder value.
This action was prompted by the receipt of unsolicited offers from
third parties with respect to a potential sale of (1) the company,
(2) its assets, (3) its intellectual property or a combination
thereof. Piper Jaffray is currently assisting the company with
respect to evaluating these alternatives and is actively contacting
additional parties as part of this process. There can be no
assurances as to whether any particular strategic alternative for
the Company will be recommended by the Board of Directors or
undertaken or, if so, upon what terms and conditions.
Syntroleum's technology portfolio is weighted to the production
of drop-in, synthetic fuels – specifically the production of second
generation, drop-in renewable products and the conversion of
natural gas to drop-in synthetic diesel, kerosene and naphtha
(Gas-to-Liquids or "GTL"). Margins in both renewable fuels and
GTL production are at historically high levels. The long run
economics of GTL has been significantly enhanced as a result of the
revitalization of the North American natural gas
industry. Given the favorable commercial environment, the
Company believes that now is an appropriate time to broadly review
its strategic alternatives with respect to its renewable and GTL
intellectual property and its ownership and licensing interest in
Dynamic Fuels.
The Dynamic Fuels plant in Geismar, LA is in full standby mode,
ready for operations. On February 25, 2013, the Dynamic Fuels
Management Committee approved $7.3 million for the procurement and
installation of new hydro-isomerization catalyst at the Geismar
facility. The new catalyst was delivered to Dynamic Fuels on
June 25, 2013 and installation was completed on June 28,
2013. Prior to loading the new catalyst, the
hydro-isomerization reactor was inspected by Fairbanks Inspection
and Testing on March 11, 2013 and met design
specifications. The inspections included non-destructive
examination procedures customary in the refining
industry. While the plant is ready for commercial operation,
the Dynamic Fuels Management Committee has not determined a
re-start date.
The company will hold its second quarter earnings conference
call on August 7, 2013.
About Syntroleum (Nasdaq:SYNM)
Syntroleum Corporation owns the Syntroleum® Process for
Fischer-Tropsch (FT) conversion of synthesis gas into liquid
hydrocarbons, the Synfining® Process for upgrading FT liquid
hydrocarbons into refined petroleum products, the Bio-Synfining®
technology for converting renewable feedstocks into drop-in fuels
and a 50% interest in Dynamic Fuels LLC, which owns the 75mm gallon
per year Geismar, Louisiana renewable fuels plant using the
Bio-Synfining® technology. For additional information,
visit the Company's web site at www.syntroleum.com.
This document may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
well as historical facts. These forward-looking statements include
statements relating to the Fischer-Tropsch ("FT") process,
Syntroleum ® Process, Synfining ® Process, and related technologies
including, gas-to-liquids ("GTL"), coal-to-liquids ("CTL") and
biomass-to-liquids ("BTL"), our renewable fuels Bio-Synfining ®
Technology (hereinafter "Technologies"), plants based on these
Technologies, anticipated cost and schedule to design, construct
and operate plants, expected production of fuel, obtaining required
financing for these plants and other activities, the value and
markets for products, testing, certification, characteristics and
use of plant products, the continued development of our
Technologies, use of proceeds from our equity offerings,
anticipated revenues, availability of catalyst, our support of and
relationship with our licensees, and any other forward-looking
statements including future growth, cash needs, capital
availability, operations, business plans and financial results.
When used in this document, the words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "project," "should"
and similar expressions are intended to be among the statements
that identify forward-looking statements. Although we believe that
the expectations reflected in these forward-looking statements are
reasonable, these kinds of statements involve risks and
uncertainties. Actual results may not be consistent with these
forward-looking statements. Syntroleum undertakes no obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results over time. Important factors that could
cause actual results to differ from these forward-looking
statements are described under "Item 1A. Risk Factors" and
elsewhere in our 2012 Annual Report on Form 10K.
®"Syntroleum", "Synfining", and "Bio-Synfining" are registered
as trademarks and service marks in the U.S. Patent and Trademark
Office.
CONTACT: Ron Stinebaugh
Syntroleum Corporation
(281) 224-9862
www.syntroleum.com
J. Thomas Halverson, Jr.
Piper Jaffray & Co.
(612) 303-6371
www.piperjaffray.com
Jamie Moser / Andrew Siegel
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
www.joelefrank.com
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